PNE Plans to Buy Wind Stake With $130 Million Bond Proceeds

PNE Wind AG (PNE3), the German wind power developer, plans to use proceeds from issuing 100 million euros ($130 million) in corporate bonds to fund the purchase of more than 50 percent of an onshore wind company.

PNE Wind, based in Cuxhaven, is in talks with a company it didn’t identify over a possible sale, it said today in an e- mailed statement. An initial price indication for all the shares in the business, which mainly develops onshore wind in Germany and abroad, is 100 million euros, according to PNE Wind.

The company, planning to issue the bonds in the first half, may also use proceeds to buy wind farms on land and at sea in Germany and abroad as it seeks to expand, according to the statement. It may also invest equity in its German wind projects, which it could sell on to investors once the ventures are commissioned, it said. The company currently has about 180 megawatts of wind in the approval process.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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